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AESO: A 50 MW solar power plant as part of the Benban solar program in Upper Egypt
Project
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Signature date
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Location
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Egypt
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Financing tool
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Financing amount (Euro)
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23606738
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Financing details
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Total loan of USD 27,914,968, including a 50% AFD subparticipation i) USD 27,279,954 for the main facility ii) USD 635,014 for the standby facility
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Customer
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ACCESS EGYPT SOLAR ONE
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Type of customer
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Company
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Country of headquarters
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Egypt
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Project number
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PEG1030
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Environmental and social ranking
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A
This new 50 MW power plant is part of the Benban solar program, the largest solar complex built in the world.
Client presentation
Access Egypt Solar One JSC (AESO) is an SPV sponsored by the groups Access Power (Dubai) and Eren Renewable Energy (France).
Project description
AESO is a project to build and operate a 50 MW solar power plant under the XXL program in Benban (total maximum capacity of 1.8 GW), in southern Egypt. The project will benefit from a 25-year power purchase agreement (PPA) and a feed-in tariff of US$c 7.12/kWh by the distribution company EETC (Egyptian Electricity Transmission Company). The project is being financed 75:25 in debt and equity, with the debt covered 50:50 between PROPARCO and EBRD. PROPARCO’s contribution benefits from a 50% AFD subparticipation.
Project impact
The power plant will produce 138 GWh of low-carbon electricity a year. It will reduce CO2 emissions by 58,800 tons every year. The project will improve the quality and security of electricity supply in the country.
Finally, the project will help create or maintain over 4,000 jobs across Egypt's economy as a whole and should contribute EUR 28m to national GDP during the project life cycle.